Surcharge on wealth-tax increases tax liability for the specified assessment year under amended Schedule I. The inserted provision in Part I of Schedule I to the Wealth-tax Act requires that the amount of wealth-tax computed under that Part shall, for the assessment year commencing on the specified date, be increased by a surcharge calculated at the rate of ten per cent of such wealth-tax, thereby augmenting the computed wealth-tax by a fixed percentage for that assessment year.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Surcharge on wealth-tax increases tax liability for the specified assessment year under amended Schedule I.
The inserted provision in Part I of Schedule I to the Wealth-tax Act requires that the amount of wealth-tax computed under that Part shall, for the assessment year commencing on the specified date, be increased by a surcharge calculated at the rate of ten per cent of such wealth-tax, thereby augmenting the computed wealth-tax by a fixed percentage for that assessment year.
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